GPT.AX finds support at 200-day moving average
GPT.AX finished Thursday at 5.01 losing A$0.01 (-0.2%). Trading up to A$0.04 lower after the open, GPT Group managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$0.08 (1.6%), that's slightly above last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 4.96 and 5.05 which it has been in now for the last trading week.
After trading as low as 4.96 during the day, the market bounced off the key support level at 4.96. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 5.05. After having been unable to move lower than 4.96 in the prior session, the stock found buyers again around the same price level today at 4.96. After trading as low as 4.96 during the day, the share found support at the 200-day moving average at 4.98.
GPT.AX shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying could accelerate should prices move above the close-by swing high at 5.05 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
Market Conditions for GPT Group
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
|Bearish Bounce off SMA 20||TQ Pro Members Only|
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